High court won't hear appeal from former Qwest CEO
National News
The Supreme Court won't hear an appeal from former Qwest Communications International Inc. CEO Joseph Nacchio seeking an $18 million tax refund on money he gained from illegal stock sales.
The justices on Monday left in place a lower court ruling that said the money was not tax deductible.
Nacchio was convicted in 2007 of selling $52 million in stock of Denver-based Qwest based on inside information. He was ordered to forfeit $44 million and to pay a $19 million fine. He also was sentenced to five years and 10 months in prison.
Nacchio claimed the $44 million he forfeited was deductible as a business expense or loss and that he should get a refund. A federal judge agreed, but a federal appeals court in Washington, D.C., overturned that ruling.
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What Is Meant by ‘No-Fault’ Workers’ Compensation in Illinois?
If you were injured in a work-related accident and have been researching workers’ compensation, you may have seen it described as a “no-fault” system. One of the most important things to understand about the workers’ compensation system in Illinois is that it is based on a “no-fault” system. What does this mean, exactly?
Most employers in Illinois are required by law to have workers’ compensation insurance. And the workers' compensation in Illinois is a “no-fault” system, which means that any worker who has been hurt on the job is entitled to workers' compensation benefits. If you have been hurt on the job, you are entitled to workers’ compensation benefits no matter whose fault the accident was.
A no-fault insurance system, such as workers’ comp, works by paying claims regardless of who is to blame for an accident. This provides an important layer of protection for injured workers, sparing them from having to through additional litigation and the through the additional burden of proving who was at fault before receiving benefits.
In Illinois, even though you don’t have to prove that your injury was your employer’s fault, you do have to prove that your injury happened at work or as a result of work. If you would like help to file your workers' compensation claim, Krol, Bongiorno, & Given’s experienced workers' comp lawyers are here to help. With over 60 years of combined legal experience, the KBG law firm is a leader in the field of workers’ compensation law and we have earned the reputation as aggressive advocates for injured workers before the IWCC.